What Is Home Loan?
Home loan is a loan an individual can avail to purchase a residencial property like Flat, Row house, Bungalow or residential plot purchase with construction comes under home loan. A co-applicant is necessary for a person to apply for home loan.
||Greater Than or Equal to Rs. 1,80,000/ year
|Min & Max Age
||A. 23 to 65 yrs for self-employed
B. 21 to 65 yrs for salaried person
||Indian & NRI
||Salaried & Self-employed
||Min. 1 yr. in some & 3 yrs for self employed
||12 to 240 months (max we can take 30 yrs loan tenure)
||10 Lacs to 50 Crores
|Loan to value
||A. 90% loan on agreement value up to 35 lacs
B. 85% loan on agreement value (35 to 75 lacs)
C. 75% loan on agreement value above 75 lacs
||All running loans EMI is called obligations.
|Existing loan Obligation
|| • loan obligations should not more than 50% of net income.
• New loan with closure of existing loan is a good option any time
||Between 8.30% to 10.00% ( reducing interest).
|Existing loan DPD
||Not allowed or provide valid justification for the same
|Existing loan overdue charges
||If current overdue – not allowed or required proper justification or any other running loans clean track for support
||> 700 +( subject to clean loan repayment in all running or past yrs) or go with compatible bank.
|| • Clear banking with healthy transaction with Inward & Outward bounces for Premium banks.
• If poor banking with some inward bounce – please prefer B category banks / NBFC’s.
|| • All approved property from proper authorities with clear title of property ownership – Eligible.
• For any critical legal issue – check compatibility with the respective bankers / NBFC’s first - check first.
||All the documents must be self attested by customer.
List Of Documents
Applicant & Co-applicant:
A. KYC Documents
• Colour Photo
• PAN Card
• Aadhar Card
• Current Address Proof
• Latest one year bank statement of all accounts for self employed
• Latest 6 month bank statement for salaried customer.
C. Proof Of Income
• Latest 3 months salary slip
• Latest 2 years form 16/ form 26AS
• Appointment letter/ Experience certificate
• Shop Act License / SSI certificate / Any other govt. certificate
• Last 3 years ITR set along with CA certified Balance sheet, profit & loss, computation of income, Tax Audit report and all schedule of balance sheet
• Shop Act License / GST certificate.
• Copy of property documents
• Copy of approved sanction plan of property
• Commencement Certificate / Completion Certificate / Any other applicable documents as per the law of the State / Government.
• If Co-operative Housing Society – Society Certificate & Share Certificate / Any other applicable documents as per the law of the state / Government.
• Other docs like Zone Certificate.
Firm / Company Documents ( For Self Employed):
• PAN Card
• Partnership Deed for Partnership Firm.
• MOA & Incorporation Certificate for Pvt. Ltd. Company.
• Office Address Proof
• Last 3 Yrs ITR & Tax Audit Reports.
• GST Registration.
Existing Loan Details:
• Welcome Letter
• Sanction Letter
• Statement of Loan Account
CIBIL Issues – Detail documents required from customer related to loans ask by Bankers.